ADAM: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ADAM
Largest movements
- Cash +€585,135
up €585,135 (+576.9%), from €101,434 to €686,568
mainly Net result for the year (+€452,072) and Other debts (+€379,938)
- Tangible fixed assets -€73,147
down €73,147 (-18.8%), from €388,185 to €315,038
of which Land and buildings: -€177,273
- Receivables within one year +€19,481
up €19,481 (+156.8%), from €12,424 to €31,905
of which Trade receivables: +€19,709
- Other debts +€379,938
up €379,938 (+155.7%), from €244,032 to €623,971
- Profit (loss) carried forward +€67,072
up €67,072 (+82.5%), from €81,252 to €148,324
- Debts after one year -€62,797
no longer reported in 2025 (was €62,797)
- Trade debts +€57,986
up €57,986 (+1024.3%), from €5,661 to €63,647
- Short-term financial debts +€50,000
new in 2025: €50,000
- Gross operating margin +€607,346
up €607,346 (+134.4%), from €451,957 to €1.1m
- Taxes +€150,400
up €150,400 (+2836.6%), from €5,302 to €155,702
- Staff costs +€19,090
up €19,090 (+5.6%), from €339,624 to €358,713
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €534,234 | €1,063,226 | +€528,992 | +99.0% |
| Fixed assets | 21/28 | €413,265 | €334,118 | -€79,147 | -19.2% |
| Intangible fixed assets | 21 | €17,984 | €11,984 | -€6,000 | -33.4% |
| Tangible fixed assets | 22/27 | €388,185 | €315,038 | -€73,147 | -18.8% |
| Land and buildings | 22 | €226,770 | €49,497 | -€177,273 | -78.2% |
| Plant, machinery and equipment | 23 | €1,600 | €14,987 | +€13,386 | +836.4% |
| Furniture and vehicles | 24 | €34,938 | €154,841 | +€119,903 | +343.2% |
| Other tangible fixed assets | 26 | €124,877 | €95,714 | -€29,163 | -23.4% |
| Financial fixed assets | 28 | €7,096 | €7,096 | = | 0.0% |
| Current assets | 29/58 | €120,968 | €729,108 | +€608,139 | +502.7% |
| Amounts receivable within one year | 40/41 | €12,424 | €31,905 | +€19,481 | +156.8% |
| Trade receivables | 40 | - | €19,709 | +€19,709 | |
| Other amounts receivable | 41 | €12,424 | €12,196 | -€227 | -1.8% |
| Cash at bank and in hand | 54/58 | €101,434 | €686,568 | +€585,135 | +576.9% |
| Deferred charges and accrued income | 490/1 | €7,111 | €10,634 | +€3,523 | +49.5% |
| Total equity and liabilities | 10/49 | €534,234 | €1,063,226 | +€528,992 | +99.0% |
| Equity | 10/15 | €89,512 | €156,584 | +€67,072 | +74.9% |
| Contributions | 10/11 | €6,400 | €6,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €81,252 | €148,324 | +€67,072 | +82.5% |
| Amounts payable | 17/49 | €444,721 | €906,642 | +€461,920 | +103.9% |
| Amounts payable after more than one year | 17 | €62,797 | - | -€62,797 | |
| Financial debts | 170/4 | €62,797 | - | -€62,797 | |
| Amounts payable within one year | 42/48 | €381,924 | €900,165 | +€518,241 | +135.7% |
| Current portion of amounts payable after more than one year | 42 | €47,140 | €31,178 | -€15,962 | -33.9% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Other loans | 439 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €5,661 | €63,647 | +€57,986 | +1024.3% |
| Suppliers | 440/4 | €5,661 | €63,647 | +€57,986 | +1024.3% |
| Taxes, remuneration and social security | 45 | €85,091 | €131,369 | +€46,278 | +54.4% |
| Taxes | 450/3 | €38,933 | €75,762 | +€36,829 | +94.6% |
| Remuneration and social security | 454/9 | €46,158 | €55,607 | +€9,450 | +20.5% |
| Other amounts payable | 47/48 | €244,032 | €623,971 | +€379,938 | +155.7% |
| Accrued charges and deferred income | 492/3 | - | €6,477 | +€6,477 | |
| Non-recurring operating income | 76A | - | €188 | +€188 | |
| Remuneration, social security and pensions | 62 | €339,624 | €358,713 | +€19,090 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,583 | €80,049 | -€1,534 | -1.9% |
| Other operating charges | 640/8 | €9,065 | €8,078 | -€987 | -10.9% |
| Gross operating margin | 9900 | €451,957 | €1,059,303 | +€607,346 | +134.4% |
| Operating profit (loss) | 9901 | €21,685 | €612,463 | +€590,778 | +2724.4% |
| Financial income | 75/76B | €461 | €990 | +€528 | +114.6% |
| Recurring financial income | 75 | €461 | €990 | +€528 | +114.6% |
| Financial charges | 65/66B | €2,741 | €5,678 | +€2,938 | +107.2% |
| Recurring financial charges | 65 | €2,741 | €5,678 | +€2,938 | +107.2% |
| Profit (loss) for the period before taxes | 9903 | €19,405 | €607,774 | +€588,369 | +3032.0% |
| Income taxes | 67/77 | €5,302 | €155,702 | +€150,400 | +2836.6% |
| Profit (loss) for the period | 9904 | €14,103 | €452,072 | +€437,968 | +3105.4% |
| Profit (loss) for the period to be appropriated | 9905 | €14,103 | €452,072 | +€437,968 | +3105.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.